Jay Ritter explains that SpaceX's fixed-price IPO at $135, set before the roadshow, is highly unusual and likely left ~$20B on the table, more than double any prior US IPO. He notes the first-day jump is not unusual but the upside from here is limited given the ~$2T valuation; even if SpaceX becomes as valuable as Nvidia, that's only 100% upside. He also discusses the retail allocation being cut to ~20% and that many retail investors received only one share each.

Tom Mueller, SpaceX's first employee and founder of Impulse Space, reflects on the journey from 2002 when everyone said it was impossible to today's $2T IPO. He discusses the iterative engineering process starting with sketches and spreadsheets, and notes that the space economy is accelerating rapidly, especially after the IPO announcement and Elon's talk about orbital data centers. His company Impulse Space provides logistics for moving cargo in space.

Franco Gronda breaks down SpaceX valuation into three parts: Starlink (~$1.2T), space launch (~$400B), and AI business (~$200-300B), totaling ~$1.8T using highest peer multiples. He notes that while the AI opportunity could command a premium, most of SpaceX's AI revenue will be infrastructure rather than frontier models, which may limit multiples. He also questions whether SpaceX will need to decide between being an infrastructure provider or a model provider.

Lise Buyer, who helped architect Google's IPO, says SpaceX's IPO is a one-off due to the 'cult of Elon' and shouldn't be read as a signal for the broader IPO market. She discusses the unusual fixed-price structure, light SEC oversight, and extreme governance where shareholders have virtually no recourse. She notes that while dual-class structures can help founders take a long-term view, SpaceX's governance is an extreme case that most investors won't accept from other companies.

Julie Biel discusses the massive scale of capital being absorbed by mega-IPOs and equity raises. She expresses concern that passive investing at its peak means blind buying without regard to valuation, adding market cap without earnings. She notes the unusual move by Google to do an equity raise (most expensive capital) when they're one of the best credits, suggesting it may be a competitive move to starve capital from upcoming IPOs. She also notes small-cap outperformance may be driven by lower-quality names.

Mark Levine, NYC Comptroller, warns that SpaceX's accelerated index inclusion will force institutional investors like NYC pension funds to become major shareholders against their will due to passive indexing. He criticizes the unprecedented governance structure with no independent board, no sunset provisions, and extremely limited shareholder rights. He notes that dozens of pension funds with over $2T in collective assets have signed a letter to exchanges expressing concern about the precedent being set.